Capstead Mortgage Corp., Dallas, and Crescent Real Estate Equities, Fort Worth, Texas, have entered into a $200 million joint venture to invest in commercial real estate mezzanine loans.Capstead and Crescent are forming two partnerships to target investments that will generate returns on equity of over 15%, according to the companies. Capstead is putting up $150 million of the capital, with Crescent putting up the rest. With the use of additional debt funding, they said they expect to invest over $600 million in mezzanine loans. Andrew F. Jacobs, Capstead's president and chief executive officer, said the partnership will target assets that are less sensitive to changes in interest rates. Crescent, which has an ongoing mezzanine program, will identify the opportunities and manage the loan portfolio, for which it will earn a fee.

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